Piper Sandler Lowers ImmunityBio (NASDAQ:IBRX) Price Target to $4.75

ImmunityBio (NASDAQ:IBRX - Get Free Report) had its price target decreased by equities researchers at Piper Sandler from $6.00 to $4.75 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Piper Sandler's target price would suggest a potential upside of 18.75% from the stock's current price.

ImmunityBio Price Performance

IBRX traded down $0.01 during trading hours on Monday, hitting $4.00. 6,552,220 shares of the stock were exchanged, compared to its average volume of 4,980,764. The stock has a 50-day simple moving average of $5.72 and a 200-day simple moving average of $5.79. ImmunityBio has a 12 month low of $1.25 and a 12 month high of $10.53. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of -3.48 and a beta of 1.07.

Institutional Investors Weigh In On ImmunityBio

Several large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its position in ImmunityBio by 16.0% in the second quarter. Victory Capital Management Inc. now owns 19,953 shares of the company's stock worth $126,000 after buying an additional 2,746 shares during the period. Tower Research Capital LLC TRC increased its position in ImmunityBio by 43.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,393 shares of the company's stock worth $47,000 after buying an additional 2,844 shares during the period. Amalgamated Bank increased its position in ImmunityBio by 21.9% in the fourth quarter. Amalgamated Bank now owns 17,752 shares of the company's stock worth $89,000 after buying an additional 3,186 shares during the period. Price T Rowe Associates Inc. MD increased its position in ImmunityBio by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 123,879 shares of the company's stock worth $667,000 after buying an additional 4,533 shares during the period. Finally, Simplicity Wealth LLC increased its position in ImmunityBio by 46.0% in the second quarter. Simplicity Wealth LLC now owns 15,806 shares of the company's stock worth $100,000 after buying an additional 4,983 shares during the period. 8.58% of the stock is owned by institutional investors and hedge funds.

ImmunityBio Company Profile

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in developing therapies and vaccines that bolster the natural immune system to defeat cancers and infectious diseases. Its platforms for the development of biologic product candidates include antibody-cytokine fusion proteins; DNA, RNA, and recombinant protein vaccines; and cell therapies.